HomeMy WebLinkAboutMinutes - 2020.07.16 - 33576OAKLAND COUNTY EMPLOYEES’
RETIREMENT AND DEFERRED COMPENSATION BOARD MINUTES
The Oakland County Retirement and Deferred Compensation Board meeting was held via
teleconference on July 16, 2020 at 1:32 p.m.
I. Call to Order/ Roll Call
Members Present:
James VanLeuven Jr., Joseph Rozell, Helaine Zack,
Dave Woodward, Curtis Childs, Lauri Siskind,
April Lynch
Members Absent with Notice:
Andy Meisner, Jeff Phelps
Others Present:
Jennifer Hain, Human Resources
Silvia Frank, Human Resources
Carly Webster, Human Resources
Kelly Pena, Human Resources
Aaron Castle, VanOverbeke, Michaud & Timmony, P.C.
Natalie Neph, Treasurer’s Office
Chris Kuhn, AndCo
Peter Brown, AndCo
II. Approval of the Agenda
A. Moved by Zack, seconded by Childs to approve the agenda and to temporarily
suspend the Article IV – General Rules & Regulations of the Board ByLaws, to
allow for this Board meeting to be held via teleconference during the COVID-19
pandemic. Motion carried.
III. Public Comment
None
IV. Regular Agenda
A. Moved by Siskind, seconded by Zack to approve the minutes of June 18, 2020.
Moved by Siskind, seconded by Childs to amend the minutes to add the words
read only access to the second motion made in agenda item V.D.2. Motion
carried.
Motion carried to approve the minutes, as amended.
B. Retirements
1. Moved by Childs, seconded by Siskind to approve the following Defined
Benefit applications. Motion carried.
DEPARTMENT EFFECTIVE
Lori Jansen Deferred – IT 7/11/2020
Sean Stoner Sheriff’s Office 8/15/2020
2. Moved by Childs, seconded by Zack to approve the following Defined
Contribution applications. Motion carried.
DEPARTMENT EFFECTIVE
William Mann Corporation Counsel 6/06/2020
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
July 16, 2020
Page 2
Charles Snarey Sheriff’s Office 9/12/2020
3. Moved by Childs, seconded by Rozell to approve the following Defined
Contribution Non-Duty Death application. Motion carried.
DEPARTMENT EFFECTIVE
Gary (Tammy) Garza Sheriff’s Office 6/10/2020
V. Reports
A. Chris Kuhn and Peter Brown of AndCo Consulting presented the following
reports and provided comments summarizing highlights contained in each:
• Oakland County Employees’ Retirement System (ERS) Monthly Flash Report
Period Ending June 30, 2020
• Oakland Coun ty Employees’ Retirement System (ERS) Defined Benefit Plan
Asset / Manager Summary – July 6, 2020
• Oakland County Employees’ Retirement System (ERS) Defined Benefit Plan
Alternative Investments Report Period Ending December 31, 2019
B. Moved by Siskind, seconded by Woodward to receive and file the Defined
Benefit and Defined Contribution 2nd Quarter 2020 Reports. Motion carried.
C. Moved by Childs, seconded by Woodward to receive and file the minutes of the
July 1, 2020 Investment Subcommittee. Motion carried.
Chris Kuhn of AndCo summarized the Distressed Credit interviews given to the
Investment Subcommittee on July 1, 2020.
Moved by Zack, seconded by Siskind to allocate 28 million of Oakland County
Employees Retirement System (OCERS) funds to be split evenly between the
H.I.G. Capital Bayside Opportunity Loan Fund VI and Marathon Distressed Credit
Fund. Motion carried.
D. Moved by Lynch, seconded by Zack to receive and file the July 2020
Administrator’s Report. Motion carried.
E. Aaron Castle of VanOverbeke, Michaud & Timmony, P.C. (VMT) provided an
update on legal matters.
1. Moved by Siskind, seconded by Childs to receive and file both the June 2020
update on securities litigation by Miller Law Firm and the June/July update on
Class Action Services by Northern Trust . Motion carried.
2. Moved by Childs, seconded by Lynch to receive and file the July 2020 Legal
Report by Aaron Castle. Motion carried.
VI. Unfinished Business
A. Secretary Frank presented a memo to the Retirement Board to propose the use
of forfeitures to fund missed 401(a) contributions.
Moved by Zack, seconded by Lynch to approve the Retirement Administrator’s
recommendation to approve an offset of Employer contributions to the 401(a)
Plan via a transfer of forfeitures in the amount of $34,685.28 to fund the basis
amounts of missed 401(a) mandatory employee contributions. Motion carried.
VII. New Business
A. Chairperson VanLeuven proposed to move the October 22, 2020 meeting to
October 15, 2020. The item was tabled for the August meeting.
Oakland County Employees’ Retirement and Deferred Compensation Board Minutes
July 16, 2020
Page 3
Chairperson VanLeuven called a recess at 2:22 p.m. The Board resumed the meeting at
2:42 p.m.
Roll Call:
Members Present: VanLeuven, Rozell, Zack, Woodward, Childs, Siskind, Lynch
B. Moved by Woodward, seconded by Childs to authorize VanOverbeke, Michaud &
Timmony, P.C. to work with securities counsel Barrack, Rodos & Bacine, in
pursuing the action against Grand Canyon Education, Inc., as discussed in
Closed Session during the VEBA Board meeting. Motion carried.
VIII. Trustee Comment
A. Chairperson VanLeuven noted the next meeting of this Board – Thursday,
August 20, 2020
IX. Chairperson VanLeuven adjourned the meeting without objection at 2:45 p.m.
Respectfully submitted,
__________________________________ __________________________________
James H. VanLeuven, Jr., Chairperson Silvia Frank, Secretary